The everyday app Grab has launched the GrabPay Card in the Philippines, a digital-first prepaid card powered by Mastercard.
It will, said Grab, extend “…GrabPay’s reach globally with unparalleled card security, hassle-free online payments and expanded rewards ecosystem to bring the convenience of cashless payments to more Filipinos.”
GrabPay is a mobile wallet that is used to transact within and outside the Grab app “safely and securely”. Grab said that with its 24/7 fraud detection engine, users are assured that their personal information and payment transactions remain encrypted and protected.
Grab pointed out that in a recent survey by Mastercard in the Philippines, it was revealed that 40% of Filipino consumers now use contactless payments more often in light of the COVID-19 pandemic. The introduction of the GrabPay Card in the Philippines supports Grab’s direction to promote safer payments by doubling down on cashless services that help curb the spread of the virus.
“As cities slowly get back on their feet after months of lockdown brought about by the COVID-19 pandemic, digital payments become the critical enabler to embrace this new reality. The launch of the digital GrabPay Card powered by Mastercard supports our mission of providing safer transactions and bringing more cashless opportunities to Filipinos not only for local transactions but also everywhere in the world,” said Jonny Bates, Head of GrabPay Philippines.
“Mastercard is pleased to further expand the partnership with Grab in Southeast Asia with the launch of GrabPay Mastercard in the Philippines. Now Filipino GrabPay users can enjoy a seamless digital payment experience through the GrabPay Mastercard. This partnership also gives GrabPay users access to an e-wallet that is now accepted worldwide, unlocking a whole new world of possibilities for them,” added Rowell del Fierro, Country Manager, Philippines, Mastercard.
The GrabPay Card is part of Grab’s ongoing partnership with Mastercard that aims to bring financial inclusion to the millions of underbanked and unbanked in Southeast Asia.